Curaleaf (CURLF) reports second-quarter earnings after the close today, kicking off a big week for U.S. cannabis producers. Curaleaf stock and other marijuana stocks were mixed on Monday.
X
The company reports as more analysts turn to the U.S. cannabis industry for profitability and growth, with more states legalizing and Canada’s industry struggling to turn a profit.
Curaleaf Earnings
Estimates: Wall Street expects Curaleaf earnings to break even on a per-share basis. Sales were expected to jump 163% to $308 million.
Results: Due after the close.
Curaleaf Stock, Marijuana Stocks
Curaleaf stock slipped 0.6% to 11.91 in the stock market today. Shares, which trade over the counter and in Canada, have been falling for the past six months. CURLF stock has an EPS Rating of 24.
Among other U.S. marijuana stocks, Green Thumb Industries (GTBIF) rose 1.3%. Trulieve (TCNNF) was up 0.4%. Green Thumb reports earnings Wednesday night, followed by Trulieve on Thursday morning.
Innovative Industrial Properties (IIPR) rose 0.15% to 228.74 after breaking out last week following earnings. The cannabis-focused REIT was in buy range, after IIPR stock cleared a cup base with a 222.18 buy point.
Elsewhere on Monday, Leafly, a popular online cannabis information site, said it planned to go public via a tie-up with Merida Merger Corp. I (MCMJ), a special-purpose acquisition company, or SPAC.
Europe, Interstate Commerce
Curaleaf has dozens of dispensaries and pot-production facilities across 23 states. The company, backed by two investors who made their fortunes after the Soviet Union’s collapse, pulled in $627 million in sales last year, a 184% gain.
Curaleaf stock is the most valuable pot stock in North America, worth around $8.2 billion, according to MarketSmith.
Curaleaf also has tried to expand into the medical cannabis market in Europe, acquiring EMMAC Life Sciences. EMMAC oversees a handful of companies, located in several European nations, focused on production, pharmacy and research and development operations.
As U.S. lawmakers unveil efforts to tackle federal prohibition, the company is also trying to plan longer term. Curaleaf in May said it would acquire the Los Suenos Farms in Colorado, a deal that would give Curaleaf outdoor and indoor grow operations in the state. The deal, Curaleaf said, would help it build “low-cost supply chains that will be critical with eventual interstate commerce.”
Among Canadian marijuana stocks, Canopy Growth (CGC) fell 2.1%. Tilray (TLRY) lost 0.5%.
YOU MAY ALSO LIKE:
Are Any Marijuana Stocks On U.S. Exchanges Good Buys As This One Breaks Out?
Marijuana Stocks To Buy And Watch
Any Reason To Buy Canopy Growth After Earnings?
How To Beat The Stock Market: Try These Seven Mental Trading Tips
